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Stratified Capital
Stratified Capital is a Singapore VC that seeds and incubates web3 startups; GPs previously angel-backed Binance, Bybit, and Bitmain.
Stratified Capital
Stratified Capital launched in 2021 with founding partners Iris Y, Katrina W, and Roger S. Iris Y started as an angel investor in 2015, building a blockchain portfolio that now exceeds 100 projects, including early-stage positions in Binance and Bybit. Katrina W began her career at Goldman Sachs Investment Management before co-founding Prime Blockchain, which was acquired by 10X Capital Venture Acquisition Corp at a $1.25bn valuation. Roger S transitioned from serial entrepreneurship to JRR Crypto, contributing to Bitmain, Polkadot, and Vechain investments. The firm writes seed-stage checks into blockchain protocols and decentralized applications, mixing incubation with selective growth-stage follow-ons. Its disclosed portfolio includes DePIN network Roam by MetaBlox, AI-meets-trading platform TypoX AI, DeFi project SOFA, intent-based protocol Aperture Finance, cross-chain gaming token BitDragon, and Polkadot ecosystem chain Peaq. Investments span Southeast Asia, North America, and Europe, with deal flow anchored by the partners' extensive exchange, custody, and infrastructure relationships — including advisory work for Bybit, eToro, and Coinbase through venture partner David H, formerly of King & Wood Mallesons. Headquartered in Singapore, Stratified operates as a lean partnership whose GPs bring combined experience from Goldman Sachs, Nomura, PIMCO, and King & Wood Mallesons. The firm hasn't publicly disclosed AUM or headcount. The website lists over a dozen portfolio names; Katrina W concurrently leads the multi-family office LL Capital, which may serve as a co-investment channel. Stratified's structural edge is its partners' dual capacity as early-stage angels and institutional allocators. Iris Y acts as tokenomics advisor and incubator, while Katrina W's family-office background and Roger S's public-chain investment history create a sourcing funnel that mixes retail exchange referrals with institutional structured rounds — a posture more common among crypto-native hedge funds than among traditional PE firms entering web3.
General information
Firm type
Private Equity
Year founded
2021
AUM
Undisclosed
Location
Region
Asia
Country
Singapore
City
Singapore
Corporate office
Singapore, Singapore
Principals
Iris Y
Founding Partner
Katrina W
Founding Partner
Roger S
Founding Partner
David H
Venture Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Stratified Capital?
The three founding partners — Iris Y, Katrina W, and Roger S — oversee deal sourcing and portfolio construction. Iris Y leads on tokenomics and incubation, Katrina W draws on her multi-family office experience, and Roger S contributes protocol-level technical due diligence. Venture partner David H provides legal and regulatory guidance drawn from his tenure at King & Wood Mallesons.
How does Stratified Capital source proprietary deal flow?
Through founders' networks built over their prior roles as angels and advisors. Iris Y's early investments in Binance and Bybit provide connectivity to centralized exchange ecosystems and their incubated projects. David H's advisory work for Coinbase, Crypto.com, and Block.one opens lines to major protocol teams, while Roger S's involvement in JRR Crypto created relationships with EOS, Vechain, and Polkadot communities.
Is Stratified Capital a single family office or a venture firm?
It is structured as a venture capital firm, not a single-family office. Founding partner Katrina W also runs the multi-family office LL Capital, but Stratified operates as a separate private equity manager focused on external limited partners.
Does Stratified Capital participate in fund commitments or only direct deals?
The firm's public communications emphasize direct seed investments and incubation. No information on fund-of-fund commitments is available. The GPs' background suggests the vehicle primarily pursues direct token and equity positions in early-stage web3 companies.
Which sectors does Stratified Capital explicitly avoid?
The firm does not publish an explicit exclusion list. Its portfolio composition — DEX/CEX infrastructure, DePIN, AI-blockchain hybrids, gaming, and DeFi primitives — suggests it avoids non-blockchain verticals and consumer apps lacking token-centric economies.
How is Stratified Capital related to LL Capital?
Katrina W, a founding partner of Stratified, founded the multi-family office LL Capital in 2018. While the two entities appear legally distinct, LL Capital's presence may offer co-investment opportunities for family-office LPs seeking blockchain exposure alongside Stratified's direct deals.
What is Stratified Capital's known posture on co-investments alongside external GPs?
The firm highlights its partners' track record of backing industry giants alongside top-tier crypto funds (Binance, Bitmain, Polkadot, Bybit rounds likely syndicated with other early-stage crypto VCs). The website doesn't detail formal co-investment policies, but the partnership's angel syndication history implies an openness to shared cap tables.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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